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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Graco's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Graco was -2.10. The lowest was -2.81. And the median was -2.48.
The historical data trend for Graco's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Graco Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.58 | -2.37 | -2.48 | -2.14 | -2.64 |
Graco Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.30 | -2.52 | -2.61 | -2.64 | -2.81 |
For the Specialty Industrial Machinery subindustry, Graco's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Industrial Products industry and Industrials sector, Graco's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Graco's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Graco for today is based on a combination of the following eight different indices:
M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
= | -4.84 | + | 0.92 * 0.912 | + | 0.528 * 0.9437 | + | 0.404 * 0.8834 | + | 0.892 * 0.9905 | + | 0.115 * 1.04 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0838 | + | 4.679 * -0.055104 | - | 0.327 * 0.6902 | |||||||
= | -2.81 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $322 Mil. Revenue was 492.189 + 566.644 + 539.672 + 559.644 = $2,158 Mil. Gross Profit was 266.197 + 299.942 + 284.524 + 291.415 = $1,142 Mil. Total Current Assets was $1,444 Mil. Total Assets was $2,787 Mil. Property, Plant and Equipment(Net PPE) was $768 Mil. Depreciation, Depletion and Amortization(DDA) was $76 Mil. Selling, General, & Admin. Expense(SGA) was $435 Mil. Total Current Liabilities was $352 Mil. Long-Term Debt & Capital Lease Obligation was $9 Mil. Net Income was 122.199 + 109.954 + 133.123 + 134.268 = $500 Mil. Non Operating Income was 8.078 + -41.727 + 3.283 + 4.365 = $-26 Mil. Cash Flow from Operations was 118.923 + 159.647 + 209.047 + 191.494 = $679 Mil. |
Total Receivables was $356 Mil. Revenue was 529.646 + 555.045 + 545.644 + 548.547 = $2,179 Mil. Gross Profit was 285.14 + 272.816 + 261.088 + 269.06 = $1,088 Mil. Total Current Assets was $1,288 Mil. Total Assets was $2,546 Mil. Property, Plant and Equipment(Net PPE) was $663 Mil. Depreciation, Depletion and Amortization(DDA) was $68 Mil. Selling, General, & Admin. Expense(SGA) was $406 Mil. Total Current Liabilities was $382 Mil. Long-Term Debt & Capital Lease Obligation was $96 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
= | (322 / 2158.149) | / | (356.473 / 2178.882) | |
= | 0.149202 | / | 0.163604 | |
= | 0.912 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
= | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
= | (1088.104 / 2178.882) | / | (1142.078 / 2158.149) | |
= | 0.499386 | / | 0.529193 | |
= | 0.9437 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (1444.228 + 767.747) / 2786.825) | / | (1 - (1288.461 + 663.224) / 2546.263) | |
= | 0.206274 | / | 0.23351 | |
= | 0.8834 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
SGI | = | Sales_t | / | Sales_t-1 |
= | Revenue_t | / | Revenue_t-1 | |
= | 2158.149 | / | 2178.882 | |
= | 0.9905 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
= | (68.414 / (68.414 + 663.224)) | / | (75.85 / (75.85 + 767.747)) | |
= | 0.093508 | / | 0.089913 | |
= | 1.04 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
= | (435.492 / 2158.149) | / | (405.69 / 2178.882) | |
= | 0.20179 | / | 0.186192 | |
= | 1.0838 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((9.458 + 351.687) / 2786.825) | / | ((96.384 + 381.698) / 2546.263) | |
= | 0.12959 | / | 0.187758 | |
= | 0.6902 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
= | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
= | (499.544 - -26.001 | - | 679.111) | / | 2786.825 | |
= | -0.055104 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Graco has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Graco's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Mark W Sheahan | officer: VICE PRESIDENT AND TREASURER | P.O. BOX 1441, MINNEAPOLIS MN 55440-1441 |
Angela F Wordell | officer: Executive VP, Operations | 88 11TH AVENUE NE, MINNEAPOLIS MN 55413 |
Kathryn L Schoenrock | officer: Executive Vice President | 88 11TH AVENUE NE, MINNEAPOLIS MN 55413 |
Caroline M Chambers | officer: Vice President and Controller | PO BOX 1441, MINNEAPOLIS MN 55440-1441 |
Eric Etchart | director | ROOM F, 22F CROSS REGION PLAZA, 899 LINGLING ROAD, SHANGHAI F4 200030 |
Van Sant R William | director | PO BOX 1441, MINNEAPOLIS MN 55440-1441 |
Timothy R White | officer: President, EMEA | 88 11TH AVENUE NE, MINNEAPOLIS MN 55413 |
Ronita Banerjee | officer: EVP, Chief HR Officer | 88 11TH AVENUE NE, MINNEAPOLIS MN 55105 |
Jeffrey P. Johnson | officer: Vice President | 88 - 11TH AVENUE N.E., MINNEAPOLIS MN 55413 |
Heather L Anfang | director | 88 11TH AVENUE NE, MINNEAPOLIS MN 55413 |
Dale D Johnson | officer: VICE PRESIDENT | P.O. BOX 1441, MINNEAPOLIS MN 5440-1441 |
Christopher D. Knutson | officer: EVP, Corporate Controller | 88 11TH AVENUE NE, MINNEAPOLIS MN 55413 |
Claudio Merengo | officer: President, Worldwide Gema | 88 11TH AVENUE NE, MINNEAPOLIS MN 55413 |
J Kevin Gilligan | director | P O BOX 1441, MINNEAPOLIS MN 55440-1441 |
Archie C. Black | director | 333 SOUTH SEVENTH STREET, SUITE 1000, MINNEAPOLIS MN 55402 |
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